Drilling Begins on El Oro Mine Tailings
Vancouver, British Columbia--(Newsfile Corp. - June 17, 2024) - Further to its news release of May 13, 2024 Starcore International Mines Ltd. (TSX: SAM) ("Starcore" or the "Company") reports that together with Xali Gold Corporation and Kappes, Cassiday & Associates ("KCA"), drilling has begun on the El Oro Mine Tailings at El Oro, Mexico, for the purpose of taking a representative sample which will be used to confirm the process flowsheet. The tailings were the subject of a 43-101 Resource Study in 2014 which concluded the tailings contain 1.27M tonnes at a grade of 2.94 grams per tonne gold and 75.12 grams per tonne silver (3.85 gpt Au equivalent). KCA's recent work has resulted in a recovery of over 75% of the gold and silver, but these results are on composites which did not access the full depth of the tailings. While the data indicates that the tailings are mineralogically uniform, the new drill program is designed to provide samples to confirm this assumption. The El Oro Mine tailings are situated on land owned by the Municipality of El Oro and are bordered by a stream which flows though developed portions of the municipality. El Oro is one of the named "Pueblo Magico" localities near Mexico City. Clean-up of these tailings will not only eliminate an environmental risk, but will also release a large block of land which the Municipality can use for further development.
As previously reported, Starcore has joined forces with KCA to launch an environmental rehabilitation project to clean up mine tailings from the municipality of El Oro in Mexico. The parties have executed a Memorandum of Understanding ("MOU") to enter into a joint venture whereby KCA would provide its expertise and services for the project aimed at rehabilitating the environment, and Starcore would act as Operator of the joint venture.
It is intended that the MOU will be replaced with a formal JV agreement, subject to: (i) KCA having earned a 100% interest in Xali Gold's El Oro Tailings Project by making the agreed-upon payments to Xali Gold, subject to royalty payments (see Xali Gold's news release of Apil 15, 2024), (ii) satisfactory drilling and testing of the El Oro Tailings, and (iii) satisfactory arrangements being negotiated with the municipality of El Oro.
About Starcore
Starcore International Mines is engaged in precious metals production with focus and experience in Mexico. While this base of producing assets has been complemented by exploration and development projects throughout North America, Starcore intends to expand its reach internationally with the proposed acquisition of a project in Côte d'Ivoire. The Company is a leader in Corporate Social Responsibility and advocates value driven decisions that will increase long term shareholder value. You can find more information on the investor friendly website here: www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
(Signed) "Robert Eadie"
Robert Eadie, President & Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
ROBERT EADIE
Telephone: (604) 602-4935
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